With participation from Zee Prime and Spartan Group, the Singapore-based cryptocurrency company SolanaFM has secured S$6.3 million (US $4.5 million) in a seed round led by SBI Group’s Digital Asset Opportunity Fund.
Users are able to gather and analyze data using SolanaFM within the Solana network, which they can then utilize to build scalable apps and make indexing and monitoring easier. The platform uses Solana protocols to index their data, which it can subsequently provide to banks, compliance companies, and other organizations of a similar kind for pertinent services.
Dashboards, accounts pages, and transaction flow monitoring were added to the blockchain explorer by the Singapore-based company in June’s release. Additionally, the business signed partnerships with Magic Eden and Bonfida, which respectively add domains and NFT trading to SolanaFM’s service.
The business was established in 2021 by Nicholas Chen, Fathurrahman, and Chin Bing Huang, all undergraduates at Singapore Management University (SMU). The next year, it was fostered at the Business Innovations Generator of the SMU Institute of Innovation and Entrepreneurship.
The company believes that the next round of Web2 users will use Solana as the first blockchain.
“The long-term vision of SolanaFM is to build a vertically scaled product in Solana’s data space. Unlike other players operating in a similar space, who are focused on carrying multi-chain perspectives right from the beginning, we position ourselves as a simplistic product developer,” said Chen, who’s also the company’s CEO.
